
DIRECTIVE 2005/68/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC (Text with EEA relevance) (repealed) 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TITLE I
SCOPE AND DEFINITIONS
Scope
Article 1 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Definitions
Article 2 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE II
THE TAKING-UP OF THE BUSINESS OF REINSURANCE AND AUTHORISATION OF THE REINSURANCE UNDERTAKING
Principle of authorisation
Article 3 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scope of authorisation
Article 4 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form of the reinsurance undertaking
Article 5 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Conditions
Article 6 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Close links
Article 7 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Head office of the reinsurance undertaking
Article 8 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Policy conditions and scales of premiums
Article 9 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Economic requirements of the market
Article 10 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scheme of operations
Article 11 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders and members with qualifying holdings
Article 12 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Refusal of authorisation
Article 13 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior consultation with the competent authorities of other Member States
Article 14 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE III
CONDITIONS GOVERNING THE BUSINESS OF REINSURANCE
CHAPTER 1
Principles and methods of financial supervision
Section 1
Competent authorities and general rules
Competent authorities and object of supervision
Article 15 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supervision of branches established in another Member State
Article 16 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounting, prudential and statistical information: supervisory powers
Article 17 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfer of portfolio
Article 18 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2
Qualifying holdings
Acquisitions
Article 19 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assessment
Article 19a 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions by regulated financial undertakings
Article 20 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disposals
Article 21 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information to the competent authority by the reinsurance undertaking
Article 22 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Qualifying holdings: powers of the competent authority
Article 23 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3
Professional secrecy and exchanges of information
Obligation
Article 24 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchange of information between competent authorities of Member States
Article 25 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cooperation agreements with third countries
Article 26 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Use of confidential information
Article 27 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchange of information with other authorities
Article 28 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transmission of information to central banks and monetary authorities
Article 29 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disclosure of information to government administrations responsible for financial legislation
Article 30 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 4
Duties of auditors
Duties of auditors
Article 31 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 2
Rules relating to technical provisions
Establishment of technical provisions
Article 32 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equalisation reserves
Article 33 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assets covering technical provisions
Article 34 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 3
Rules relating to the solvency margin and to the guarantee fund
Section 1
Available solvency margin
General rule
Article 35 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Eligible items
Article 36 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 2
Required solvency margin
Required solvency margin for non-life reinsurance activities
Article 37 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required solvency margin for life reassurance activities
Article 38 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required solvency margin for a reinsurance undertaking simultaneously conducting non-life and life reinsurance
Article 39 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 3
Guarantee fund
Amount of the guarantee fund
Article 40 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Review of the amount of the guarantee fund
Article 41 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CHAPTER 4
Reinsurance undertakings in difficulty or in an irregular situation and withdrawal of authorisation
Reinsurance undertakings in difficulty
Article 42 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial recovery plan
Article 43 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Withdrawal of authorisation
Article 44 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE IV
PROVISIONS RELATING TO FINITE REINSURANCE AND SPECIAL PURPOSE VEHICLES
Finite reinsurance
Article 45 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special purpose vehicles
Article 46 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE V
PROVISIONS RELATING TO RIGHT OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES
Reinsurance undertakings not complying with the legal provisions
Article 47 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Winding-up
Article 48 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VI
REINSURANCE UNDERTAKINGS WHOSE HEAD OFFICES ARE OUTSIDE THE COMMUNITY AND CONDUCTING REINSURANCE ACTIVITIES IN THE COMMUNITY
Principle and conditions for conducting reinsurance business
Article 49 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Agreements with third countries
Article 50 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VII
SUBSIDIARIES OF PARENT UNDERTAKINGS GOVERNED BY THE LAWS OF A THIRD COUNTRY AND ACQUISITIONS OF HOLDINGS BY SUCH PARENT UNDERTAKINGS
Information from Member States to the Commission
Article 51 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third country treatment of Community reinsurance undertakings
Article 52 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE VIII
OTHER PROVISIONS
Right to apply to the courts
Article 53 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cooperation between the Member States and the Commission
Article 54 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Committee procedure
Article 55 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Implementing measures
Article 56 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE IX
AMENDMENTS TO EXISTING DIRECTIVES
Amendments to Directive 73/239/EEC
Article 57 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amendments to Directive 92/49/EEC
Article 58 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amendments to Directive 98/78/EC
Article 59 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amendments to Directive 2002/83/EC
Article 60 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TITLE X
TRANSITIONAL AND FINAL PROVISIONS
Right acquired by existing reinsurance undertakings
Article 61 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reinsurance undertakings closing their activity
Article 62 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transitional period for Articles 57(3) and 60(6)
Article 63 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transposition
Article 64 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Entry into force
Article 65 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Addressees
Article 66 
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ANNEX I

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ANNEX II

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
